IFRS news | 26 April 2016
IASB introduced clarifications to IFRS 15
- This edition outlines the recent amendments to IFRS 15 Revenue from Contracts with Customers.
- The amendments add clarifications in the following areas:
- Identifying performance obligations;
- Principal versus agent considerations; and
- Licensing application guidance.
- The amendments introduce additional practical expedients for entities transitioning to IFRS 15 on (i) contract modifications that occurred prior to the beginning of the earliest period presented and (ii) contracts that were completed at the beginning of the earliest period presented.
The amendments are effective for annual reporting periods beginning on or after 1 January 2018 with earlier application.